Man in Florida Arrested for Stealing Nearly $1.1M in Insurance Premiums

The former president and owner of G.M. Underwriters in Miami, Carlos Gutierrez, was arrested on grand theft and fraud charges last month. His arrest took place after an investigation revealed that he stole nearly $1.1 million in insurance premiums from seven premium finance and insurance companies.

The investigation was led by the Department of Financial Services’ Divisions of Insurance Fraud and Agent & Agency Services. Investigators found that Gutierrez instructed his staff to divert insurance premiums between March and August of 2012 in order to pay his own business debts. If convicted of both charges, Gutierrez could face up to 60 years in prison. Gutierrez, along with his agency and top staff, has been permanently banned from the insurance business in the state of Florida.Insurance fraud is not only illegal, but also can drive up insurance costs for everyone in the state. It affects the lives of innocent people both directly and indirectly, and poses a very significant problem. Be sure you know the facts and are protected. For more information about insurance fraud, give the experts at Avante a call at 305-648-7070 or visit us online.